Bitcoin Surged 27% In Oct Amid BTC ETF Hype
By Kapil Rajyaguru
The boredom ended in October as cryptocurrency prices zoomed higher, with the biggest of them all, bitcoin (BTC), posting the strongest monthly rally since January as investors were abuzz with optimism that bitcoin ETFs will soon get approved in the U.S.
BTC gained more than 27%, springing to a 17-month high of $35,000 after hovering around the $27,000 level during the first half of October. It has recently resided just above $34,000 ahead of the Federal Reserve’s interest rate decision on Wednesday, with market participants largely expecting policymakers to leave rates unchanged.
Ethereum’s ether (ETH) posted a modest gain of 7%. Its valuation sank to a level versus BTC that was also seen in June 2022, which preceded ETH outperformance.
Among alternative cryptocurrencies, solana (SOL) was a notable outperformer with over 70% monthly return amid increasing network activity and subsiding concerns about FTX dumping tokens in a fire-sale.
On top of the ETF hype, sector specific momentum, short liquidations and macroeconomic headwinds also contributed to the price increase, crypto analytics firm CoinMetrics said in a report Tuesday.
Meanwhile, Bitcoin addresses in profit have set a new record, reaching nearly 40 million, according to Glassnode’s on-chain data. This record was achieved despite Bitcoin’s value being half its peak, suggesting a bullish sentiment among holders. The data shows that 80% of Bitcoin addresses are profitable at a value above $34,000, surpassing the all-time highs of November 2021.
The global crypto market cap is $1.28T, a 0.12% increase over the last day. The total crypto market volume over the last 24 hours is $41.41B, which makes a 3.53% increase. The total volume in DeFi is currently $4.39B, 10.60% of the total crypto market 24-hour volume. The volume of all stable coins is now $36.49B, which is 88.12% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 52.67%, a decrease of 0.04% over the day.
(With inputs from Shikha Singh)
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